5 Ways AI Is Already Being Used to Transform Business Operations

Digital
technologies are changing the world as we know it, but a select few are
responsible for the biggest transformations. Artificial intelligence and
machine learning are at the forefront of that change, collectively driving both
innovation and improvement.

The MIT Sloan Management Review reveals that more than 72 percent of respondents believe AI will have a significant impact on the technology, media and telecommunications industries over the next five years. Almost 85 percent believe AI will allow their organizations to obtain or sustain a competitive advantage in the market.

But
that change, believe it or not, is happening right now. The technology is
already being used to transform business operations and to improve age-old
practices.

1. AI Helps Identify New Opportunities

As
machine learning and AI tools are allowed to digest bigger troves of data, an
endless swarm of insights is being made available. Many of them can be used to
improve existing operations, but there’s more, too. Some of that information
can be used to identify and explore all-new opportunities.

For
example, data related to a particular product might reveal how customers are
using the item, particularly in ways that were not originally intended.
Extracted insights might also reveal desirable features and functions, which
price points are most desirable, or even which additional products and services
can be delivered to augment the experience.

It’s about a whole lot more than just conventional business operations, however. AI technologies are being deployed in new ways, too. iCertis, for example, is leveraging AI to build smarter static contracts. More specifically, its AI solutions are designed to overcome enterprise contract management challenges through the power of enhanced data capabilities.

2. Product Development Is Getting Better

Speaking
of product-related insights, those same data points can be used to not only
deliver a better product but also to come up with more accurate offerings.

Consider
a product which launches to market with a host of features. As it turns out,
only a handful of those features are used. More importantly, only one or two
are really needed. The incoming data can be used to design a better product
that offers fewer unnecessary features but is more portable and more
lightweight.

Another
scenario might involve future-proofing a device that is prone to failure under
certain conditions or environmental exposure. A great example of this is how
most smartphones now include a water-resistant coating to protect them from
moisture and contact with liquids.

3. Personalization Is Now Possible

With
the help of AI — and a variety of other technologies — businesses can now offer
completely personalized experiences to their customers. Big data and analytics,
for example, help provide the necessary data and insights to make it happen.
Something like 3D printing allows companies to shift manufacturing closer to
the customer. But AI is being used to connect and facilitate these disparate
platforms, ultimately as a means to deliver unique products or services.

Communication
is essential for every business, both internally and externally. Communication
between teams and departments can help operations run more smoothly. Communication
between a business and customers builds trust and loyalty. Modern AI is making
all of this faster and more efficient than ever.

Consider
chatbots or AI-based customer service assistants. They operate day and night
and can answer some of the most pertinent questions on the spot. This helps to
keep customers informed and happy, but also helps provides the support they
need, exactly when they need it. Such a thing wouldn’t be possible with
conventional strategies. Even manning support channels 24/7 with manual reps
would have slowdowns because people get tired or burnt out and all have varying
moods.

The
nature of AI means that communications are provided across the board, in a
standard and more efficient way.

5. Predictive and Informed Measures

What
if it was possible to know how successful a product launch was going to be,
well before a product was ever developed and mass-produced? What if it was
possible to see how customers would react to a particular announcement or news
story? What if a company could predict the market years in advance?

All of these scenarios are possible, and more, thanks to data analytics and AI technologies. It’s now possible to build predictive models for events, actions and scenarios that are ridiculously accurate. Organizations now use the technology for a number of solutions, including customer research, risk management, sales and market forecasting, and much more.

The Future Is Here

It
seems crazy to think about, but AI is already transforming the world as we know
it. It will play a significant role in the future of business operations as
well as the way organizations serve their customers. Whether you’re talking
about the use of AI for customer service chatbots or the technology’s use in
contract management, there’s a lot to gain through its adoption.

As more and more companies leverage the power of AI, its impact on the world at large will grow to be monumental.

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Industry Perspectives

In this special guest feature, Brian D’alessandro, Director of Data Science at SparkBeyond, discusses how AI is a learning curve, and exploring opportunities within the technology further extends its potential to enable transformation and generate impact. It can shape workflows to drive efficiency and growth opportunities, while automating other workflows and create new business models. While AI empowers us with the ability to predict the future — we have the opportunity to change it. [READ MORE…]

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